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Algarve Property Sales Increase With Sterling

21st June 2010: Sterling Bounces Back

The current sterling position vs the Euro (1.20 in June 10) has sparked a dramatic rise in demand for property on the Algarve with the number of Brits searching online for foreign property doubling in the last year according to leading online property portal Primelocation International. Rival portal Rightmove has also seen a 60% annual increase in searches with Portugal among others seeing the biggest benefits.

Enquiries were 95% higher in March 2010 than a year earlier, with the top three locations recording increases of 108%, 153% and 105% respectively. Searches also increased on a monthly basis for most countries, with Bulgaria’s 11% decline the only fall out of the top ten most popular destinations.

''Pent up demand now appears to be on the brink of converting into sales,” said Ann Wright, international development manager of Primelocation International. “Several signs are now indicating that the economy may have escaped a double dip and be stabilising in earnest and potential buyers are picking up this optimism.''

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